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What spot rates covering the period

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Question 1: Ross, Inc., a domestic wholesaler, sold merchandise to a British customer on May 12th with the sale being denominated in British Pounds (£). Ross, Inc. prepares monthly financial statements in US dollars ($). The cost of the merchandise to Ross, Inc. was $100,000, the sale price was £150,000. and the payment was due and made on July 12th. Spot rates covering the period in question are as follows:

May 1st 1 £ = $1.20

June 1st 1 £ = $1.27

July 1st 1 £ = $1.24

May 12th 1 £ = $1.25

June 12th 1 £ = $1.25

July 12th 1 £ = $1.26

May 31st 1 £ = $1.28

June 30th 1 £ = $1.23

July 31st 1 £ = $1.27

Reference no: EM132570325

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